TREASURY (Program); DEPOSIT SECURITYGovernor's Recommendations
2022-23
Current Year Budget
2021-22
Difference
DollarsPositionsDollarsPositionsDollarsPositions
$2,281,97821.00$2,081,97821.00$200,0000.00
 

 
Policy Area:  GOVERNMENTAL OPERATIONS
Issue:            CRYPTOCURRENCY CONVERSION SERVICES

Justification
Governor's Recommendations 2022-23
The Governor's Budget Recommendation for Fiscal Year 2022-23 includes $200,000 nonrecurring Treasury Administrative and Investment Trust Fund authority for the Department of Financial Services to procure cryptocurrency conversion services from a vendor. This will allow businesses to pay various filing fees with the Department of State using cryptocurrency. Section 607.0122, F.S., of the Florida Business Corporation Act prescribes fees for filing documents and issuing certificates. Such fees include articles of incorporation, application for a registered name, articles of dissolution, among others. Businesses will be able to pay their filing fees directly to the Department of State using cryptocurrency. The vendor will convert the business's cryptocurrency into dollars and the vendor will transmit the converted dollars to the Department of State. As more businesses and startups use cryptocurrency as a means of raising capital, Florida will be a more attractive place to start and run a business.